Bermuda Sees Further Growth in Insurer Registrations

By Editorial 05 September, 2013

The Bermuda Monetary Authority has registered 47 new insurers for the period ending July 2013. This is an 81 percent increase from the 26 insurers registered over the same period in 2012, it has announced.

A press release explained that a total of 13 new insurers entered the Bermuda market in July, with new entrants spanning the entire breadth of insurance classes.

Shelby Weldon, Director, Licensing and Authorizations at the Authority said, "Registrations in July were predominantly Special Purpose Insurers (SPIs). We registered seven SPIs with projected premiums in the first year of operations of over USD151m."

The Authority went on to add: "The new SPIs are projected to underwrite over USD1.7bn over the next five years across a range of business activities, including: property catastrophe reinsurance; life and annuity; as well as catastrophe bonds."

Mr Weldon also noted that the total number of captives registered in Bermuda has remained steady over the past three years.

"New captives continue to enter Bermuda," he said. "In addition, suggestions of a growing trend of captives re-domiciling back onshore have not been the experience of the Bermuda market."

"In fact, during the first seven months of 2013, no Bermuda captives have re-domiciled to other jurisdictions, either onshore or offshore. Overall, during the past three years, a total of 12 captives have moved to another location."

Mr Weldon noted that the re-domestication of captives from one jurisdiction to another is part of the natural ebb and flow of doing business.

Tags: Business | Insurance | Bermuda | Offshore | Expats |


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